Formation Securities has notified the SEC that it plans to operate a tokenized securities venue (TSV) on Solana, with trading expected to begin in early 2027. The first three stocks it intends to list are digital asset firm Galaxy Digital, crypto wallet developer Exodus Movement and Forward Industries, a Solana treasury company.
The plan relies on the SEC’s Innovation Exemption, published in September. It lets venues trade tokenized US stocks through permissioned automated market maker (AMM) pools without registering as exchanges. The first trades under the exemption came last week, when shares of Canton Strategic Holdings changed hands on TSV LLC, a venue running on the Canton Network.
Formation Securities licenses its technology from Orca, one of the largest decentralized exchanges on Solana, whose software has processed more than $550 billion in trades. In October Orca announced a merger with lending protocol Loopscale under the Formation name. Distribution is central to the TSV plan. Verified investors, both retail and institutional, are expected to reach the venue through broker dealer Alpaca, CoinList’s Passage, custodians Anchorage Digital, BitGo and Fireblocks, Jito’s trading interface and wallet providers.
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